Forward Air Corporation (FWRD)

Net profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	US$ in thousands	167,351	193,191	105,859	23,733	87,099
Revenue	US$ in thousands	1,337,060	1,959,900	1,652,200	1,269,570	1,215,190
Net profit margin		12.52%	9.86%	6.41%	1.87%	7.17%

December 31, 2023 calculation

Net profit margin = Net income ÷ Revenue
= $167,351K ÷ $1,337,060K
= 12.52%

The net profit margin of Forward Air Corporation has shown varying trends over the past five years. In 2023, the net profit margin improved significantly to 12.52%, reflecting a strong ability of the company to convert revenue into profit. This increase from the previous year's 9.86% indicates a more efficient cost management and higher profitability in the most recent financial period.

Compared to the margins in 2021 and 2020, which were 6.41% and 1.87% respectively, the company has made significant strides in improving its bottom line. However, it is worth noting that the net profit margin in 2019 was relatively higher at 7.17% compared to 2021 and 2020.

Overall, the upward trend in net profit margin over the past two years demonstrates an improvement in the company's operational efficiency and profitability, which is a positive sign for investors and stakeholders. It suggests that Forward Air Corporation has been able to control costs effectively and generate higher profits relative to its revenue in recent years.